Yesterday’s JOLTS report for August showed a jobs market that is still just beginning to mend. Hires were up, and layoffs and discharges were down, which is good, but job openings and voluntary quits both declined.

We are far enough along past the worst of the pandemic jobs losses that it is worthwhile to compare the state of the various JOLTS components with the two previous recoveries from recession bottoms in the series’ histories (this is because the JOLTS data only dates from 2001).

In the two past recoveries:

  • First, layoffs declined
  • Second, hiring rose
  • Third, job openings rose and voluntary quits increased, close to simultaneously

Let’s examine each of those in turn. In each case, I break out 2001-19 in a first graph and then this year in a second.

This first graph compares layoffs and discharges (blue) with the 4-week average of initial jobless claims (red):

Figure 1

You can see that, by the end of the recessions, layoffs were already declining and continued to decline steeply over the next 3-8 months before reaching a “normal” expansion level. The turning point coincides exactly with the much less volatile but more slowly declining level of initial jobless claims.

The same has been the case this year, as layoffs and discharges already declined to their “normal” level in May, while initial jobless claims peaked one to two months later and have been declining (slowly) ever since.

Next, here are hires (red) and job openings (blue):

You can see that actual hires started to increase one to two months before job openings.

This year, both made troughs in April, but hires rebounded sharply in May and June compared with job openings.

Finally, here are quits (green) vs. job openings (blue):

Actual hiring started to rise slightly before quits made a bottom.

In the months after Congress allocated of hundreds of millions of dollars to keep airline industry employees working, passenger airlines applied for shares of that money and then then laid off less than 1% of their workers, until the funding ran out.

Airline contractors similarly applied for money and then laid off about 58,000 people, about 35% of their workers, a new report says.

“Contrary to congressional intent, Treasury permitted aviation contractors to lay off thousands of workers and receive full payroll support calculated based on the companies’ pre-pandemic workforce,” according to a report, released Friday by the House Select Subcommittee on the Coronavirus Crisis.

The report, “Unnecessary Costs: How the Trump Administration Allowed Thousands of Aviation Workers to Lose Their Jobs,” was issued by the House Select Subcommittee on the Coronavirus Crisis.

It blasted both the slow pace of work by the Treasury Department and airport contractors’ allocation of the funds they received.

“This staff report documents how the Department of the Treasury’s implementation of the Payroll Support Program (PSP) caused thousands of workers at aviation contractors to lose their jobs,” said the introduction to the report.

“Documents uncovered during the Select Subcommittee’s investigation show that aviation contractors sought to avoid ‘unnecessary costs’ by terminating employees before executing PSP agreements,” the introduction continued.

In comparison with passenger airlines, “Aviation contractors reported conducting 57,833 layoffs and furloughs prior to applying for PSP assistance—more than 17 times the number reported by passenger air carriers,” the report said.

The Cares Act was approved by Congress on March 27. The report makes a distinction between the 57,833 layoffs and furloughs before PSP applications were filed under the act, and the16,655 layoffs between

Spain's Rafael Nadal celebrates winning the final match of the French Open tennis tournament against Serbia's Novak Djokovic in three sets, 6-0, 6-2, 7-5, at the Roland Garros stadium in Paris, France, Sunday, Oct. 11, 2020. (AP Photo/Christophe Ena)

Christophe Ena/Associated Press

Rafael Nadal has had too many great moments at the French Open to count. This one may have been his best. 

Nadal destroyed Novak Djokovic in a 6-0, 6-2, 7-5 romp in Sunday’s French Open final, taking home his record 13th championship at Roland Garros and tying Roger Federer for the most Grand Slam championships in tennis history.

“What you’re doing on this court is unbelievable,” Djokovic said to Nadal on the court after the match. “Not just on this court, throughout your entire career you’ve been a great champion and today you showed why you’re King of the Clay. I’ve experienced it on my own skin.”

The Spaniard will take home a $1.9 million purse for his victory, with Djokovic bringing in $941,296. Darren Rovell of The Action Network had updated career earnings for Nadal, Federer and Djokovic.

While most favored Nadal in the hyped head-to-head, no one expected the straight evisceration that played out. Nadal knocked Djokovic out of sync from the opening game, with the Serb losing 6-0 in a Grand Slam final for the first time in his career.

The momentum never even came close to shifting in Djokovic’s favor. He broke Nadal just once in five opportunities while giving up seven breaks on 18 chances of his own. 

It was a quintessentially dominant performance from Nadal, making the world’s top-ranked player look like no tougher test than a first-round opponent.

Djokovic entered the final putting together one of the more impressive runs of tennis in recent history. He entered with a 37-1 overall record for the season, with that one loss

Spain's Rafael Nadal plays a shot against Argentina's Diego Schwartzman in the semifinal match of the French Open tennis tournament at the Roland Garros stadium in Paris, France, Friday, Oct. 9, 2020. (AP Photo/Michel Euler)

Michel Euler/Associated Press

Novak Djokovic and Rafael Nadal will meet for the ninth time in a Grand Slam final Sunday at the 2020 French Open. 

The two legendary players have not met in a title clash at a major since the 2019 Australian Open. Most of their head-to-head showdowns in Grand Slam finals occurred at the start of their reigns atop the men’s game alongside Roger Federer.  

Nadal is chasing after his 20th overall major and 13th crown on the clay at Roland Garros, while Djokovic is trying to capture his second title in Paris and 18th overall major. 

As he typically does in Paris, Nadal dominated his first six matches on the path to the final, as he won every set. 

Djokovic faced more difficulties in the previous two rounds, and he will enter at a disadvantage based off those recent struggles and Nadal’s career-long form on clay.

           

French Open Men’s Final Information

Start Time: 9 a.m. ET

TV: NBC

Live Stream: NBC Sports app or NBCSports.com

Prize Money: Winner earns $1.88 million

      

Prediction

Rafael Nadal over Novak Djokovic

All of the statistics in Nadal’s favor suggest the Spaniard will come away with his 13th Roland Garros title. 

Nadal is 17-7 against Djokovic on clay courts and 6-1 versus the Serbian at the French Open. 

Although the numbers are overwhelmingly in Nadal’s favor, he admitted that he must play a solid match against Djokovic, per ATPTour.com.

“The only thing I know is to play against Novak, I need to play my best. Without playing my best tennis, [the] situation is very difficult. I know that it’s a court that I have been playing well on for such a long time, so that helps. But at the same time, he has an amazing record here too. [He’s] one of the

DES MOINES, Iowa — Crop loss estimates from a rare wind storm that slammed Iowa in August have increased by more than 50%, a new report shows.

The U.S. Department of Agriculture said Friday that the number of crop acres that Iowa farmers are unable to harvest has grown to 850,000 (343,983 hectares) from estimates last month that 550,000 acres (222,577 hectares) were lost, The Des Moines Register reported.

The storm, known as a derecho, generated winds of up to 140 mph that flattened crops. The damage then was compounded in late summer with a drought that, at its peak, encompassed much of the state. The drought is again expanding after some September rainfall.

A cornfield damaged in the derecho is seen on the Rod Pierce farm near Woodward, Iowa. (AP Photo/Charlie Neibergall, File)

CORONAVIRUS OUTBREAKS ON UTAH FARMS LEAVE 10,000 MINKS DEAD

Iowa Agriculture Secretary Mike Naig said he expects the number of lost acres will climb even more as growers move deeper into the harvest. Usually, farmers will try to harvest downed corn, salvaging what they can. But Naig said he said he has heard that many are asking crop insurance adjusters to take another look at their fields after finding it more difficult than expected.

“Crops can deteriorate,” said Naig, who was helping his father harvest corn in northwest Iowa. “It’s a really dynamic situation.”

Crop loss estimates from a rare wind storm that slammed Iowa in August have increased by more than 50%, a new report shows. (Photo by Daniel Acker/Getty Images)

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In eastern Iowa, Steve Swenka said harvesting his downed corn has “just been miserable.”

“I’ve seen the gamut: Corn down, flat as